Dont forget crowdfunding, cryptocurrency and gig dollars on your taxes – MLive.com

As the April 18 tax deadline looms, federal officials are reminding taxpayers of a few unconventional filing tips.

In addition to wages, salaries, bonuses and tips, taxpayers need to include income that comes from other sources.

Any money raised through crowdfunding campaigns, like GoFundMe or Kickstarter, needs be reported to the federal government. The IRS says taxpayers who collected at least $20,000 from more than 200 donations should file information from their 1099-K.

Starting this year, the tax reporting threshold for crowdfunding collections is being lowered to $600. But that wont impact taxpayers until they file 2022 returns.

Related: Need tax help? Here are Michigans 4 low-income taxpayer clinics

Virtual currency is also taxable.

Any transaction involving virtual currency, like Bitcoin, Ethereum and other cryptocurrencies, should be reported at the top of tax Form 1040 and Form 1040-SR. This includes the sale, exchange or receipt of virtual currencies.

Additionally, anyone who received at least $600 in payments for goods and services through Venmo will need to report that as taxable income.

Gig workers, like Shipt shoppers, Uber drivers and freelancers, must also report their income to the IRS. Money from part-time work, thats paid in any form or not reported on an income statement is subject to taxes.

About 16% of Americans have earned money through a gig platform, according to the Pew Research Center, with three-in-ten saying it was their main job in 2021.

The IRS is also reminding Michiganders, nearly 50,000 of them, who did not file a 2018 return by the deadline to claim their returns.

The law provides most taxpayers with a three-year window of opportunity to claim a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury, the IRS said in a news release.

Over $47 million is available for potential 2018 refunds in Michigan.

With less than three weeks left until filing day, the IRS reports refunds are averaging around $3,300about 13% higher than last year.

More on MLive:

Dont miss these two IRS letters when filing 2021 returns, Michigan tax clinic warns

Will Michigan lower its tax rates? Heres how we compare to other states.

Michigans delayed 1099-G unemployment tax forms now available online

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Dont forget crowdfunding, cryptocurrency and gig dollars on your taxes - MLive.com

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